Soy sauce manufacturer files for a Hong Kong IPO worth 1.29 billion dollars, with Jingtian, CC, Jia Yuan, and Paul Hastings serving as legal advisers.
In a significant move for China's condiment industry, Foshan Haitian Flavouring and Food, the country's leading condiment manufacturer, has successfully completed a $1.29 billion Initial Public Offering (IPO) on the Hong Kong Stock Exchange's Main Board. This landmark event makes Haitian the first in its industry to have simultaneous A-share and H-share listings, and it ranks as the second-largest IPO in Hong Kong for 2025 and the largest global consumer IPO of the year.
Haitian, headquartered in Foshan, Guangdong, produces a wide range of popular condiments, including soy sauce and oyster sauce. The funds raised from the IPO will be used to enhance market leadership, develop new product categories, and invest in technology upgrades, capacity expansion, and supply chain optimisation.
The IPO was made possible through the combined efforts of several law firms. Clifford Chance advised Foshan Haitian Flavouring and Food Company on the IPO and listing on the Hong Kong Stock Exchange’s Main Board. The firm provided cross-border legal expertise crucial for the company's complex multi-jurisdictional offering involving Hong Kong and US regulations. The team was led by partners Tim Wang, Jean Thio, and Xiang Tianning.
Jingtian & Gongcheng, a firm with a longstanding relationship with Haitian, advised the company on the PRC (People’s Republic of China) law aspects of the IPO. The firm has provided legal services for over 11 years, including Haitian's earlier listing on the Shanghai Stock Exchange.
Paul Hastings represented the 15 underwriters of the IPO, including major financial institutions like CICC, Goldman Sachs, and Morgan Stanley. The firm advised on Hong Kong and US law matters relevant to the underwriters, led by Raymond Li and partners Fan Chaobo, Steven Hsu, and Crystal Liu. They also included expertise on US federal law, particularly the Investment Company Act of 1940, via partner David Hearth.
Jia Yuan Law Offices advised the underwriters on PRC law and was led by senior partner Zhang Wen and Liu Xing, ensuring compliance with Chinese legal requirements for the underwriting parties.
This significant dual listing transaction, which raised HKD10.1 billion (approximately USD1.29 billion), marks a major achievement for Haitian, solidifying its position as a global player in the condiment industry. The company currently ranks among the world's top five condiment companies.
[1] Source: Paul Hastings, Clifford Chance, Jia Yuan Law Offices, and Jingtian & Gongcheng press releases on the IPO. [2] Source: Hong Kong Stock Exchange press release on the IPO. [3] Source: Reuters, "Haitian Flavouring and Food raises $1.29 billion in Hong Kong IPO," 16th June 2025. [4] Source: Jingtian & Gongcheng press release on Haitian's earlier listing on the Shanghai Stock Exchange.
- The successful completion of Foshan Haitian Flavouring and Food's $1.29 billion IPO on the Hong Kong Stock Exchange's Main Board was facilitated by the combined legal expertise of multiple law firms, including Clifford Chance, Jingtian & Gongcheng, Paul Hastings, and Jia Yuan Law Offices, who provided advice on various aspects of finance, law, compliance, and investing to ensure a smooth business transaction.
- As a result of the IPO, funds will be allocated by Foshan Haitian Flavouring and Food towards enhancing market leadership, developing new product categories, and investing in technology upgrades, capacity expansion, and supply chain optimisation, aiming to maintain and strengthen their position as a global leader in the condiment industry.
